I see it like this:
Agent: Hey, Suns, LeBron is really thinking about playing for you guys, but LeBron wants to take care of his friends, you know? Because LeBron is all about friends and loyalty, right? So LeBron is thinking, if LeBron comes to Phoenix, what can you do for his man EB?
Suns: If you give us James, we'll max out Bledsoe. No problem.
Agent: So you're cool with Bled as a max player? Cuz we all know he's worth it, and LeBron wants that kind of player to ride with him, follow me? LeBron could stay in Miami if LeBron just wanted guys with names, but LeBron's really into the young talent that can deliver that energy, help LeBron be the best he can be, see what I mean?
Suns: It's not an issue. We can max out Bledsoe is that's what it takes to get James.
* * * five days later * * *
Agent: Yo Suns, I talked to LeBron, and LeBron loves you guys, he really does, but you know, LeBron's family really digs Miami. Or maybe it's Cleveland. But the point I'm making is, LeBron, he loves Phoenix, he really does, he thinks you guys have got it together, but LeBron is all about family, you with me? So it's not happening.
Suns: That sucks.
Agent: But we're still cool with EB, right? Cuz he's still the guy, LeBron really thinks the world of him, it sure would be nice to stay right in LeBron's eyes, you see what I mean?
Suns: I'm not sure it makes sense for us to max out Bledsoe if we don't have James.
Agent: Well now you're messin' with me, because before I thought we were cool, you had Bled down for the max, what are you pulling here? You telling me that the guy's good enough for LeBron, but he ain't good enough for you?
Suns: Maxing out Bledsoe was conditional on getting James.
Agent: Okay, I'm gonna have to tell my clients about this, and they aren't gonna be happy. Eric's done a whole lot for you guys, and everyone knows what kind of talent he is. I can get him a max offer from half the teams in this league, I know that, LeBron knows that, we all know that, even you have to know that, my friend, it's plain as day. So I guess we'll go off looking for a team where EB is going to be appreciated.
And now any possibility of working out a non-max extension for Bledsoe is gone. Sure, they can extend him for the max, but they could have promised that all along, and didn't. The agent has dangled James in order to artificially inflate Bledsoe's value, but once a hypothetical salary goes up, it never comes back down.